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Hop Along, Cassidy

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Good luck into the bell!

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Faring thee well now.
Let your life proceed by its own design.
Nothing to tell now.
Let the words be yours, I'm done with mine.


(Grateful Dead)


The sleepy hollow continues to wallow as the critters all look for something to follow. It's that quiet out there and the prevalent theme I'm picking up is one of frustration. I know it all too well--there were times in my career where I'd be pressin' every break, taking every fake and ending up with my head fully baked. Maybe I've learned wisdom in my old age--or maybe I'm just fried--but I've relaxed my grip on the handlebars. Makes for a much smoother ride.

The Yen Zen, bold gold and rude crude all stand out but, thus far, equities remain rather muted. You can almost hear William Wallace in the background saying "hold...hold...hold..." as we edge ever so closer to the payroll data. Make no mistake, Hoofy and Boo both have a leg to stand on as we ready for battle. The bovine point to the underlying bid and the ability to shrug off nervous news. Across town, the ursine insistence on upside resistance can be heard all the way from Red Dye Junction.

I type this missive with one hand (as I sit on the other) and have spent my day trying to catch up with the research, charts, conversations and inputs that craft the decision making process. There's surely a lot going on--geopolitically, technically, economically, financially, emotionally, physically--and any (or all) of these elements can tilt the scale, so to speak. My humble suggestion is to allow an ample margin for error as we find our collective way.

Reuters is reporting that Fannie Mae (FNM:NYSE) MAY need to restate earnings and I'm watching for any leakage into the financials. They've thrown a whole heckuva lot at this stock and it hasn't cracked. Still, my concern is that the smoke will lead to a fire sale--at a point--so it remains firmly centered in my trading radar. Keep in mind, please, that a) I'm involved, b) this is only my opinion, c) I've been a large contributor to the Fannie Mae Memorial Put Fund and d) I offer this purely in an educational vein. We don't offer advice in Minyanville--my goal is simply to share the process of what influences the market.

Last, but certainly not least, some hearty congrats head to the Middle East. Israeli Minyan Sol Sheinbein correctly identified boxing (1894) as the first sport to be filmed. For that, he wins a snazzy Minyanville tee of his choice. Hey Corky, how much is postage to the Middle East?

That's about it as we ready to round third and head for home. Keep your risk tight and your mood light as we juggle hats and tickle ticks. I've gotten busy--all of a sudden--so lemme cut this post short and flip lids. I sincerely hope you're all having an awesome day and, if not, that you've got the perspective to maintain some balance.

Have a peaceful night.


R.P.

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